Nike Says Just do It for Blockchain
Nike’s ‘cryptokicks’ trademark application
Following the likes of Facebook and JP Morgan with internal stablecoins, this is how the token economy manifests.
What happens when major retailers strongly consider leveraging tokens and blockchain to their ecosystem? American footwear giant Nike recently filed a trademark application that suggests the company is strongly considering going down such a route.
CryptoKicks, seems to be a non-fungible cryptocurrency.
The likes of Samsung and Telegram are also investing heavily in blockchain, and with WhatsApp and Facebook’s blockchain division, the peer-to-peer model of sharing tokens could quickly become mainstream.
P2P apps like Venmo already has 40 million active users. If you think about it, that’s more clients than most Banks.
Oddly Nike’s application also hints at an expression that Nike may be planning to offer “online marketplace services, namely, providing a marketplace for buyers and sellers of digital currency assets.”
Could Nike be a significant player in the advent of the token economy? This deserves some consideration. Any global brand with a high level of trust among young people could really be the ones to get this right. That’s more Nike, than it is Facebook, at this point in 2019.
The application also notes that the company could be using blockchain technology to create a system for “crypto-collectible customization.”
This reminds us of an Ethereum type non-fungible ERC-721 tokens, which can be used as to collateralize unique collectible items, or be used as collectibles themselves. Nike is a cutting-edge brand so it’s not surprising that it would have some sort of a crypto play. The proposal is currently awaiting examination by a USPTO attorney, who will take up the case in three months’ time.
Nike mentions that they want to provide a new website that features a technology to allow users to mine, earn and also purchase blockchain-based tokens and other digital assets. Think Bakkt for the younger generation, namely GenZ.
I really like this news because it opens up what the token economy will become. There may be some collectors of shoes that would be interested in using a token to purchase a rare pair of shoes. Thus, the community could become very excited about the project that Nike is currently thinking about.
Nike is saying “just do it” with blockchain, and the 2020s are going to see a new economy with added cryptoeconomic layers the likes of which we still only have hints and patents for.
The future of retail is all about engaging a new generation of consumers. The application, filed on April, 19, outlines how the company‘s proposed digital currency could be used by an online community. For a retail brand, community is everything, and crypto is a popular value system and asset class among younger Millennials and Gen Z.